Treasury futures hit a new high this year, signaling a "bullish turn" in long-term interest rate bonds

Since April, the bond market has continued to strengthen, with the ultra-long-term interest rate bonds performing particularly well. On April 21, the main contract of the 30-year government bond futures continued to hit a new high for the year during trading, reaching a peak of 113.79 yuan. Under the resonance of factors such as ample liquidity and the return of institutional allocation forces, government bond futures led the rally, and market expectations for the bond market further heated up. Several interviewed institutional professionals stated that the core contradiction in the current bond market operation has shifted from “whether liquidity is sufficient” to “how much further interest rates can decline.” Against the backdrop of ample liquidity and the recovery of fundamental expectations, ultra-long-term interest rate bonds still have certain trading space, but the short-term downward slope may slow down. (Shanghai Securities News)